From the Globe and Mail:
An entire city block is up for grabs for $28-million in Vancouver’s upscale Kerrisdale neighbourhood, providing a glimpse into what a difference zoning makes when determining land values.
Since HQ Commercial posted the listing late Friday night, it has created a buzz in the city’s real estate circles. The asking price for the commercially zoned “C-2” block works out to $357 a square foot of buildable space or $893 a square foot of land.
David Goodman, a principal at HQ Commercial, expects the Kerrisdale property will attract bids from developers interested in constructing a four-storey condo complex after demolishing the five aging two-storey rental buildings on the site.
The assessed value of the entire property totalled $15.9-million on July 1, 2013, according to BC Assessment. The city block has enough room to fit in 10 single-family detached homes if they each were to have skinny 26-foot frontages. But the $28-million asking price reflects HQ Commercial’s belief that the land will be attractive to developers who could design ground-floor businesses such as a grocery store and restaurant, while saving the top three floors for condos.
